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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $401.4M, roughly 1.6× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -4.5%, a 36.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -0.3%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 7.9%).
Affirm Holdings, Inc. is an American financial technology company and a point-of-sale lender. Founded in 2012 by PayPal co-founder Max Levchin, it is the largest U.S. based buy now, pay later (BNPL) financier. As of 2025, Affirm reports nearly 26 million users and processing $37 billion in annual payments.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
AFRM vs FWRD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $631.2M |
| Net Profit | $129.6M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -0.5% |
| Net Margin | 32.3% | -4.5% |
| Revenue YoY | 32.5% | -0.3% |
| Net Profit YoY | 61.3% | 22.2% |
| EPS (diluted) | $0.37 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $401.4M | $631.2M | ||
| Q3 25 | $320.5M | $631.8M | ||
| Q2 25 | $306.6M | $618.8M | ||
| Q1 25 | $272.5M | $613.3M | ||
| Q4 24 | $303.0M | $632.8M | ||
| Q3 24 | $231.8M | $655.9M | ||
| Q2 24 | $224.0M | $643.7M | ||
| Q1 24 | $195.0M | $541.8M |
| Q4 25 | $129.6M | $-28.3M | ||
| Q3 25 | $80.7M | $-16.3M | ||
| Q2 25 | $69.2M | $-12.6M | ||
| Q1 25 | $2.8M | $-50.6M | ||
| Q4 24 | $80.4M | $-36.4M | ||
| Q3 24 | $-100.2M | $-73.4M | ||
| Q2 24 | $-45.1M | $-645.4M | ||
| Q1 24 | $-133.9M | $-61.7M |
| Q4 25 | 29.3% | -0.5% | ||
| Q3 25 | 19.9% | 2.4% | ||
| Q2 25 | 18.9% | 3.2% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | 12.0% | ||
| Q3 24 | -57.2% | 3.5% | ||
| Q2 24 | -32.8% | -170.2% | ||
| Q1 24 | -82.5% | -12.1% |
| Q4 25 | 32.3% | -4.5% | ||
| Q3 25 | 25.2% | -2.6% | ||
| Q2 25 | 22.6% | -2.0% | ||
| Q1 25 | 1.0% | -8.3% | ||
| Q4 24 | 26.5% | -5.8% | ||
| Q3 24 | -43.2% | -11.2% | ||
| Q2 24 | -20.2% | -100.3% | ||
| Q1 24 | -68.7% | -11.4% |
| Q4 25 | $0.37 | $-0.90 | ||
| Q3 25 | $0.23 | $-0.52 | ||
| Q2 25 | $0.22 | $-0.41 | ||
| Q1 25 | $0.01 | $-1.68 | ||
| Q4 24 | $0.23 | $-1.69 | ||
| Q3 24 | $-0.31 | $-2.66 | ||
| Q2 24 | $-0.13 | $-23.47 | ||
| Q1 24 | $-0.43 | $-2.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $106.0M |
| Total DebtLower is stronger | $9.0B | $1.7B |
| Stockholders' EquityBook value | $3.5B | $113.3M |
| Total Assets | $13.0B | $2.7B |
| Debt / EquityLower = less leverage | 2.54× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $106.0M | ||
| Q3 25 | $1.4B | $140.4M | ||
| Q2 25 | $1.4B | $95.1M | ||
| Q1 25 | $1.4B | $116.3M | ||
| Q4 24 | $1.2B | $104.9M | ||
| Q3 24 | $1.0B | $136.6M | ||
| Q2 24 | $1.0B | $84.9M | ||
| Q1 24 | $1.3B | $152.0M |
| Q4 25 | $9.0B | $1.7B | ||
| Q3 25 | $7.7B | $1.7B | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.5B | $113.3M | ||
| Q3 25 | $3.3B | $139.8M | ||
| Q2 25 | $3.1B | $151.8M | ||
| Q1 25 | $2.9B | $154.6M | ||
| Q4 24 | $2.8B | $201.7M | ||
| Q3 24 | $2.8B | $226.1M | ||
| Q2 24 | $2.7B | $283.8M | ||
| Q1 24 | $2.6B | $926.1M |
| Q4 25 | $13.0B | $2.7B | ||
| Q3 25 | $11.5B | $2.8B | ||
| Q2 25 | $11.2B | $2.8B | ||
| Q1 25 | $10.4B | $2.8B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $3.1B | ||
| Q1 24 | $9.2B | $4.0B |
| Q4 25 | 2.54× | 14.89× | ||
| Q3 25 | 2.35× | 12.05× | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $173.7M | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $52.7M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | $27.6M | ||
| Q4 24 | $312.0M | $-23.2M | ||
| Q3 24 | $196.9M | $51.2M | ||
| Q2 24 | $68.8M | $-45.2M | ||
| Q1 24 | $208.2M | $-51.7M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $48.6M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $15.7M | ||
| Q4 24 | $268.1M | $-30.5M | ||
| Q3 24 | $152.7M | $40.7M | ||
| Q2 24 | $30.5M | $-59.6M | ||
| Q1 24 | $161.7M | $-56.7M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 7.7% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 2.6% | ||
| Q4 24 | 88.5% | -4.8% | ||
| Q3 24 | 65.9% | 6.2% | ||
| Q2 24 | 13.6% | -9.3% | ||
| Q1 24 | 82.9% | -10.5% |
| Q4 25 | 13.9% | 1.3% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 0.8% | ||
| Q1 25 | 19.5% | 1.9% | ||
| Q4 24 | 14.5% | 1.1% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 23.8% | 0.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
